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Bentonville, Ark. -- A report by the Associated Press on Monday said that Wal-Mart Stores Inc. CEO Mike Duke was compensated with an $18.1 million pay package in 2011, down 3% from the prior year.
According to AP, the pay decline is attributed to a smaller performance-based cash bonus for the year.
Duke received a base salary of $1.3 million, up almost 3%, and stock awards worth $13.1 million, also up 3% over the year-ago period. But his cash-based performance bonus dropped 25% to $2.88 million. The compensation plan was outlined in documents filed Monday with the SEC.
Under Duke’s watch, Wal-Mart has reversed a more than two-year sales slump in its namesake business as it emphasized low prices across the store and ramped up SKUs.
In a letter to shareholders in the retailer’s annual report, released Monday, Duke said one of his top priorities in the current year is to develop existing talent, including advancing opportunities for women.
Duke also underscored Wal-Mart’s goal of cutting costs and reinvesting in lowered prices, as well as developing its global e-commerce business.